They called their company Rand Consolidated Investments (RCI) and built the business on the basis of Traditional values. Innovative ideas.
After Pat left the business, a new partner, Paul Harris joined. A few years later, the trio merged their successful lending and financing business with Johann Rupert’s Rand Merchant Bank. They swapped the name RCI for RMB and so the world of RMB came into being.
The entrepreneurs managed to expand their business from a R10 000 start-up into a financial services empire that would become one of the largest financial services firms in sub-Saharan Africa. In 1998 they established FirstRand Limited through the disposal of Anglo American's interests in FNB and Southern Life, and the merger of these assets with RMB and Momentum. This was one of the largest transactions in the history of financial services in South Africa.
Today, FirstRand Limited is the largest listed financial services group (by market capitalisation) in Africa.
Our ability to think differently, our collaborative spirit and our entrepreneurial mindset continue to set us apart and enables us to deliver on the founder members’ brand promise: Traditional values. Innovative ideas.